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    636 State Rd Island Lake, IL 60042

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    636 State Rd Island Lake, IL 60042

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    • Strip malls
    • 21,300 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Luxury T‘s Boutique / Clothing & Fashion Store

    Property Details for 636 State Rd

    Year built
    1997
    Property size
    21,300 SF
    Property type
    Strip malls
    Property subtype
    Retail properties & Spaces

    Description

    This 1,300 square foot retail space is located within the 21,300 square foot Westridge Shopping Center in Island Lake, Illinois (60042), situated on busy Route 176 with over 17,300 vehicles per day. The space, built in 1997, is part of a single-story building and features a newly remodeled 41x21 foot open area, three additional rooms ideal for office, storage, or break room use, and one bathroom. The property boasts ample lighted parking (110 spaces) and allows for both wall and monument signage. The shopping center is anchored by established businesses including a Mexican restaurant, banquet hall, dental practice, pet care facility, dance studio, and nail salon. The space is zoned B2 and has a 100-amp power supply. The property's APN is 09-28-204-011. This is a single-tenancy space in a thriving retail center, presenting a fantastic opportunity for a variety of businesses. The property offers high visibility and convenient access for customers. Don't miss this chance to establish your business in a well-established and busy shopping center.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Island Lake
    County
    Lake
    State
    Illinois
    Longitude
    -88.1874
    Latitude
    42.2696

    Comparable in this City

    • Value Estimation
      $2,300,000
      25,900 SF

      223 State Rd

      WHOLESALE OUTLET, DISCOUNT STORE • 25,900 SF
      223 State Rd, Island Lake, IL 60042-9551
      View Details
    • Value Estimation by Request
      7,130 SF

      452 State Rd - Is Lk

      Individual retail properties • 7,130 SF
      452 State Rd - Is Lk, Island Lake, IL 60042
      View Details
    • Value Estimation by Request
      1,610 SF

      229 State Rd

      FINANCIAL BUILDING • 1,610 SF
      229 State Rd, Island Lake, IL 60042
      View Details
    • Value Estimation
      $745,000
      16,486 SF

      217 State Rd

      RETAIL STORES (PERSONAL SERVICES) • 16,486 SF
      217 State Rd, Island Lake, IL 60042-9551
      View Details
    • Value Estimation by Request
      5,560 SF

      310 State Rd

      RESTAURANT • 5,560 SF
      310 State Rd, Island Lake, IL 60042-9527
      View Details
    • Value Estimation by Request
      9,320 SF

      211 State Rd

      RETAIL STORES (PERSONAL SERVICES) • 9,320 SF
      211 State Rd, Island Lake, IL 60042-9555
      View Details

    Similar Nearby for Sale

    • $1,500,000
      7.51 Acres

      Island Lake Commercial Land Available

      Highly visible 7.5 acre commercial land for sale.
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      10,600 SF

      Renovated Retail Building in Island Lake

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      Renovated Retail Building with Lounge

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    • $750,000

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      8,000 SF

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    Similar Nearby for Lease

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      5,800 SF

      Remodeled Retail Space in Island Lake

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      High Visibility Island Lake Retail

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      Retail Space in Island Lake

      High-visibility end-cap unit suitable for various businesses.
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      Retail Space on State Road

      Retail space with high traffic and strong neighboring businesses.
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    636 State Rd
    Island Lake, IL 60042
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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    636 State Rd, Island Lake, IL, 60042

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